What is a Community Property Agreement?
A Community Property Agreement is a contract between spouses or state registered partners to characterize their property as community property. These properties typically can be community or separate property depending on when and how the property was acquired. It is important for couples in community property states to take advantage of the opportunity to prepare a Community Property Agreement, otherwise due to the complexity of the law, it can become exceedingly difficult to know how your property will become classified after you have passed away.
A Community Property Agreement can be a helpful estate planning tool for married couples because if either spouse pass away, all the assets will go to the surviving spouse. A Community Property Agreement can also be recorded as part of a transferring title to real property jointly held by the couple or by the deceased spouse. If a spouse wishes to retain separate assets or make a testamentary distribution to another family member, a Community Property Agreement may not always be the best case.
Community Property Agreements can be amended or revoked at any time. If you would like it modified, your lawyer can draft a new one that meets your specific needs. To have it revoked, you and your spouse must sign a simple revocation. Revocation occurs if you and your spouse decide to separate, you make a new estate plan for distributing your property, or you and your spouse become dependent on SSI or Medicaid.
Here at DAL Law Firm, attorney Darcel Lobo will be able to discuss and help you figure out if a Community Property Agreement is right for you. If you have any questions, please give us a call today at (206) 408-9158 or email our office at email@example.com. We look forward to assisting you.
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